Altcoins Lead Crypto Market Recovery as Consensus Summit Draws to a Close
Published // — Discuss and ask questions in our community on Workplace . Altcoins Lead Recovery
All major crypto assets reported gains Thursday, clawing back nearly $18 billion in lost market cap from the previous day’s low. At press time, the combined value of all digital currencies in circulation was $389.3 billion, according to data provider CoinMarketCap. Market prices bottomed near $372 billion on Wednesday.
EOS and Tron were among the biggest gainers percentage-wise.
EOS added more than 10% to $13.
75, while Tron gained 11.
1% to $0.073. Both currencies were down sharply earlier in the week. // — Become a yearly Platinum Member and save 69 USD. Click here to change your current membership — //
Ripple XRP gained 4.5% to $0.
711 and Ethereum rose 3.1% to $712.
81.
Bitcoin cash also rebounded from a series of volatile moves after a hard fork upgrade increased the protocol’s block size to 32MB from 8MB. The value of BCH rose nearly 4% to $1,324.63.
Bitcoin prices gained 1.3% overnight to trade at $8,406.51. Its total share of the crypto market weakened to 36.
8% after reaching 37.
3% just a few hours earlier. Positive Developments from the Blockchain Industry
The crypto market’s weak performance this week has masked an outpouring of positive developments from the blockchain industry.
On Tuesday, Hacked reported four key developments related to institutional adoption, innovation and the apparent vindication of South Korea’s Upbit exchange following an audit of its records by local accountants.
Positive news kept coming mid-week after Square Cash leapfrogged PayPal’s Venmo digital wallet in terms of downloads. This is an important development for crypto traders as Square Cash allows transactions in bitcoin.
Square Cash has been downloaded roughly 28 million times, which is just 1 million below Venmo’s levels, according to analyst Dan Dolev.
In a note to clients, Dolev issued the following statement:
“With Square Cash App now open for bitcoin trading in most states, comparing its growth versus the popular Coinbase app is noteworthy. Here, while Coinbase saw growth peak around the holiday time — as bitcoin prices spiked — Coinbase’s growth has slowed from record levels, whereas Square Cash App experienced more balanced growth.”
Meanwhile, a start-up company backed by Goldman Sachs has announced plans to mint its own dollar-pegged cryptocurrency. USD Coin , as it will come to be known, will allow users to more easily pay for goods and services through cryptocurrency.
Circle, the company behind the project, will begin work on the new coin this summer.
The fourth and most successful Consensus summit wrapped up in New York on Wednesday. One of the key takeaways from this year’s event was the warm reception from U.S. regulators toward digital currency technology.
In a Wednesday panel that included Commodity Futures Trading Commission (CFTC) enforcement director James McDonald and Securities and Exchange Commission (SEC) cyber chief Robert Cohen, regulators said they did not want to hinder blockchain innovation. Although the panelists did not represent their respective agencies during the discussion, their openness to blockchain technology is a step in the right direction for crypto investors still weary of government intervention.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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Loading… Sam Bourgi 4.5 stars on average, based on 397 rated posts Sam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets.
Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world’s foremost newscasts.
You must be logged in to post a comment Login Leave a Reply Cryptocurrencies Plunge $23 Billion as Consensus Summit Fails to Provide a Boost
Published // — Discuss and ask questions in our community on Workplace . Crypto Prices Sink
Measured by market capitalization, cryptocurrencies are down roughly $23 billion on Wednesday.
The combined value of all currencies is currently hovering around $380.4 billion, according to data provider CoinMarketCap. Market valued had peaked above $411 billion on Tuesday.
Daily trade volumes came in at $21 billion, based on a 24-hour window. // — Become a yearly Platinum Member and save 69 USD. Click here to change your current membership — //
Bitcoin’s share of the decline was smaller relative to its altcoin peers. The value of BTC fell 4.
3% to $8,341, though its share of the total market climbed back above 37%.
Within the top-ten, EOS was the worst performer percentage-wise, falling 11.3% to $12.52.
Bitcoin cash plunged 9.
2% to $1,288.20 after a hard fork upgrade increased the protocol’s block size to 32MB from 8MB. The hard fork was initiated through the Median Time Past (MTP) methodology, meaning it went live on the next block following the MTP timestamp of 15264 .
Ethereum prices were down nearly 5% at $694.15.
Ripple’s XRP currency also fell 8% to $0.681. Consensus 2018 Drawing to a Close
Bitcoin and other digital assets began the week on a positive note as Consensus 2018 drew thousands of blockchain enthusiasts to New York. The three day event, which began Monday, has been a major boon to cryptocurrency prices the last three years.
For example, bitcoin prices surged between 10% and 69% during the last three Consensus conferences.
However, prices this week have failed to keep up with the historical trend, with bitcoin values barely treading water since the conference began. Analysts, including Tom Lee of Fundstrat Global Advisors, had predicted huge price gains on the heels of Consensus 2018.
“We expect the Consensus rally to be even larger than past years,” Lee said in a note to clients ahead of the conference, which concludes on Wednesday.
Though the event has failed to live up to its hype from a price perspective, it’s important to bear in mind that the vast majority of “post-Consensus” gains occur long after the summit has taken place. In fact, the bulk of the rally is usually generated over a two-month period after the conference.
The sharp drop in market prices may partially reflect overhang from last week’s raid of Upbit, one of South Korea’s largest digital currency exchanges.
The exchange was apparently cleared of any wrong doing Tuesday after local accounting firm Yoojin found no evidence of fraud following its audit of the firm. Regulators and local police are expected to conclude their investigation this week.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.
Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions.
Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink. Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate.
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.. Sam Bourgi 4.5 stars on average, based on 397 rated posts Sam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world’s foremost newscasts.
ICOs to Watch in 2018: FarmaTrust and OpenPlatform
Published // — Discuss and ask questions in our community on Workplace .
While a lot of companies failed, some flourished and continue today. Blockchain infrastructure companies and platforms are paving the way for the next step in technological advancement for products to build on. While there are various viewpoints cryptocurrencies, one thing remains true, blockchain infrastructure, protocols and platforms are changing the technology landscape right in front of us.
Why do I share this? Because now is the time for investors to be a part of some of the greatest technological advances in decades.
There are a couple of ICOs in particular that are changing the world and have very low hard caps for what they are looking to achieve. The hard cap is what an ICO determines as the most amount of capital it will raise before getting listed on an exchange. When researching ICOs, it is always a good idea to start with this number as it represents the potential ROI compared to other cryptocurrencies already listed.
FarmaTrust
When technology and humanity meet for the greater good, the world changes for the better. FarmaTrust (FTT) is at the forefront of this movement, building a secure platform on the blockchain that eliminates counterfeit drugs and saves companies millions. According to a PWC recent report, up to 30% of all drugs in circulation are fake. // — Become a yearly Platinum Member and save 69 USD. Click here to change your current membership — //
“Fraudulent drugs harm or kill millions around the world and inflict serious damage on the brand names and bottom lines of major pharmaceutical manufacturers.
” (PWC Study)
Using cutting-edge technology, such as artificial intelligence and big data analysis, FarmaTrust tracks drugs from the manufacturer to the actual point-of-sale. They are also saving companies money by providing predictive supply chain analysis and the most efficient routes to market. Helping to prevent fraudulent medicines will save lives and money.
From an investment point of view, FarmaTrust is selling 60% of their token supply during the ICO phase with a hard cap of only $20 million at a price of $0.05 per token.
FarmaTrust has already started developing key partnerships that will help accelerate their progress. Many investors are pouring money in infrastructure, protocol and blockchain platforms as well as a few top dApps.
It is within reason for FarmaTrust to reach a $140,000,000 market cap based on competitor analysis which would give investors a 7x ROI from the ICO launch. If FarmaTrust meets all of their deadlines and accomplishes what they set in the roadmap, the long-term for this ICO could reach over 10x ROI. As with all investment advice, please do your own research. FarmaTrust is one to watch for 2018. OpenPlatform
The second ICO to watch for in 2018 is OpenPlatform (OPEN) . If you are a developer, you understand how complex it can be to set up and handle payment processing or integrating with the blockchain.
The OPEN platform is the foundation for the first decentralized API for centralized applications allowing developers to easily integrate decentralized technology into existing centralized apps. Major companies are realizing the benefit of using decentralized apps and the blockchain but usually don’t have the resources to implement the complex solutions.
OpenPlatform provides an API for developers to integrate faster and more cost-effectively to a payment processing infrastructure on the blockchain. For example, if a company wants to accept cryptocurrencies as a form of payment in their existing app, they can use the OPEN API to facilitate that transaction and talk directly to their app database. OpenPlatform provides the technology and security allowing companies to quickly integrate their existing app to a decentralized app. Read the whitepaper to learn more about how this works.
OpenPlatform currently has over 58,000 users on their Telegram and the demand for their technology is growing every day.
The OpenPlatform token is ERC20 and is currently $0.08 per token. The hard cap was initially set at $30 million but was reduced to $18 million. This gives OpenPlatform more room to grow their market cap once they list on an exchange. $18 million is low in the current ICO landscape. The potential for OpenPlatform’s market cap to reach $500,000,000 over the next few months is likely as they roll out their features and continue to build key partnerships.
ICOs to watch of 2018 will continue over the coming weeks and we will also provide updates on the ICOs listed in this series.
Tell us which ICOs you think are ones to watch and why in the comments.
Featured image courtesy of Shutterstock. Important: Never invest (trade with) money you can’t afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here . Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here . Best regards, Jonas Borchgrevink.
Rate this post: Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way. ( 2 votes, average: 5.00 out of 5 ) You need to be a registered member to rate this.
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